Economics of Globalization

This handbook may be used as an introductory text or as supplementary reading material for an undergraduate course in globalization. It resembles an instructor’s notebook that covers a broad range of issues and problems concerning globalization. The goal is to inform and build awareness without the use of grand theorizing and flashy empiricism. The largely descriptive material is drawn from the popular presses as well as scholarly sources. The handbook begins with the history and mechanics of globalization before looking at the theories on offer. This is followed by a detailed exploration of the relationship between globalization and the environment, the changing status of work and wages and the increasingly complex world of finance and investment. The journey concludes with a look at the bigger policy questions and the challenges that globalization poses in an uncertain world. An extensive list of references provides the reader with an opportunity to pursue related topics of interest at leisure.

Content

1. History of globalization 
   
   1. Introduction 
      
   2. Global living 
      
   3. Key networks 
      
   4. Economic thinking 
      
   5. Early origins 
      
   6. Recent history 
      
   7. Hyperglobalization 
      
   8. Weightless economy 
      
   9. Business deals 
      
   10. New challenges 
       
   11. Mixed picture 
       
2. Structure of Globalization 
   
   1. Introduction 
      
   2. Importance of trade 
      
   3. GATT to WTO 
      
   4. Trading costs 
      
   5. Favorable winds 
      
   6. Capital flows 
      
   7. Currency markets 
      
   8. Balance of payments 
      
   9. Sovereign defaults 
      
   10. Growth prospects 
       
   11. Fair trade 
       
   12. Economic freedom 
       
3. Globalization: Relevant theories 
   
   1. Introduction 
      
   2. World-systems paradigm 
      
   3. Globalization economics 
      
   4. Early enthusiasm 
      
   5. Three waves 
      
   6. International economics 
      
   7. Policy coordination 
      
   8. Radical perspective 
      
   9. On balance 
      
   10. Brexit and after 
       
   11. Globalization’s future 
       
4. Nature and environment 
   
   1. Introduction 
      
   2. Natural resources 
      
   3. Environmental stresses 
      
   4. Water scarcity 
      
   5. Bioinvasions 
      
   6. Economic externalities 
      
   7. Tradeoffs 
      
   8. Mounting insecurity 
      
   9. Sustainability 
      
   10. Renewable resources 
       
5. Work and wages 
   
   1. Introduction 
      
   2. Shifting sentiments 
      
   3. Technological change 
      
   4. Labor markets 
      
   5. Labor standards 
      
   6. Occupational trends 
      
   7. Uneven developments 
      
   8. Race to the bottom 
      
   9. Reshoring 
      
   10. Global outlook 
       
6. Finance and investment 
   
   1. Introduction 
      
   2. Globalized finance 
      
   3. Financial markets 
      
   4. International investment 
      
   5. Uneven landscape 
      
   6. Major players 
      
   7. Economic bubbles 
      
   8. Secular stagnation 
      
   9. Global prospects 
      
7. Policy questions 
   
   1. Introduction 
      
   2. Economic cycle 
      
   3. Macro policies 
      
   4. Currency matters 
      
   5. Financial structure 
      
   6. Systemic risk 
      
   7. Supranational institutions 
      
   8. Changing reality 
      
8. Puzzling prospects 
   
   1. Introduction 
      
   2. Globalization paradox 
      
   3. Productivity puzzle 
      
   4. Added turbulence 
      
   5. Economic crises 
      
   6. Asian miracle 
      
   7. China rising 
      
   8. Coordination problem 
      
   9. Resetting priorities 
      
   10. Possible backlash 
       
   11. Future prospects